MOTORISTS are facing new record high petrol prices due to the soaring cost of crude oil and looming Government fuel duty increases, experts warned yesterday.

The AA said rising pump prices could soon smash April’s records of 142.4p a litre for unleaded and 147.9p for diesel.

It said drivers are already spending £4.85million more a day on fuel than in early July when prices were at their lowest for some time.

Unleaded fuel now averages 136p a litre and diesel 140.9p with both up by more than 3p in the past month, says petrolprices.com.

The RMI Petrol Retailers’ Association, representing in­dependent forecourts, predicted that prices could hit 150p a litre early next year.

That would take the price of a gallon of unleaded to an unprecedented £6.75 and the cost of filling up a 60 litre tank to £90.

Pressure is growing on Chancellor George Osborne to axe plans for a 3.02p a litre duty increase in January – deferred from this month – and a further 2p on April 1.

This will affect the many families that have planned to take a post-Olympic holiday

The association chairman, Brian Madderson

Critics say that next year’s increase will put on 7p a litre once VAT is added, increasing pressure on inflation and damaging the economy.

The association chairman, Brian Madderson, said: “Average pricing for petrol across the UK has now risen to 136p a litre and could yet return to 140p by the end of August.

"This will affect the many families that have planned to take a post-Olympic holiday.”

He was very concerned by the prospect of a 7p tax rise.

Mr Madderson added: “Should there not be any downward correction to oil prices this autumn, the spectre of 145p to 150p for petrol in early 2013 could return.

“This could damage our economic recovery and hit the Bank of England’s hopes for reducing inflation levels. The Government must start planning now to freeze all further fuel tax increases.”

The price of North Sea Brent crude oil has risen from 90 dollars a barrel in late June to more than 113 US dollars.

But the AA said that Brent is an unrealistic benchmark for global oil prices because North Sea oil production is declining. It warned that some price rises have been forced up by speculators despite a dramatic dip in US petrol consumption.

The AA said the recent 2.5 per cent rise in UK pump prices risks putting us back on the path that led to record costs earlier this year.

Paul Watters, of the AA said: “Falling pump prices in the UK lasted just 75 days and now they’re heading up at a rate which once again threatens to undermine the Bank’s inflation target.

“In six weeks, £10 has been added to the monthly petrol costs of a two-car family

“Once upon a time, petrol prices would rise heading into the summer, due to higher demand for the motoring season, and then fall away late summer onwards.

“The cost of diesel would then pick up heading into winter.

“These days demand appears to be increasingly irrelevant. The commodity markets always seem to find a reason for pumping up oil and wholesale prices.”